Express 2010 Annual Report Download - page 49

The selected historical consolidated data presented below should be read in conjunction with the sections entitled
“Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and
our Consolidated Financial Statements and the related Notes and other financial data included elsewhere in this
Annual Report on Form 10-K.
Successor Predecessor
Year Ended
July 7,
2007
through
February 2,
2008
February 4,
2007
through
July 6, 2007
Year Ended
2010 2009 2008 2006
(dollars in thousands, excluding net sales per gross square foot and per share data data)
Statement of Operations Data:
Net sales ........................... $1,905,814 $1,721,066 $1,737,010 $1,137,327 $659,019 $1,748,873
Cost of goods sold, buying and occupancy
costs ............................ 1,227,490 1,175,088 1,280,018 890,063 451,514 1,254,762
Gross profit ......................... 678,324 545,978 456,992 247,264 207,505 494,111
Selling, general, and administrative
expenses ......................... 461,073 409,198 447,071 275,150 170,100 470,117
Other operating expense, net ........... 18,000 9,943 6,007 5,526 302 —
Operating income (loss) ............... 199,251 126,837 3,914 (33,412) 37,103 23,994
Interest expense ..................... 59,493 53,222 36,531 6,978 — —
Interest income ...................... (16) (484) (3,527) (5,190) — —
Other (income) expense, net ............ (1,968) (2,444) (300) 4,712 — —
Income (loss) before income taxes ....... 141,742 76,543 (28,790) (39,912) 37,103 23,994
Income tax expense (1) ................ 14,354 1,236 246 487 7,161 6,525
Net income (loss) .................... $ 127,388 $ 75,307 $ (29,036)$ (40,399) $ 29,942 $ 17,469
Dividends declared per share ........... $ 0.56 — — — — —
Earnings (loss) per share:
Basic .............................. $ 1.49 $ 1.01 $ (0.40)$ (0.57)
Diluted ............................ $ 1.48 $ 1.00 $ (0.40)$ (0.57)
Weighted average shares outstanding: (2)
Basic .............................. 85,369 74,566 72,516 71,409
Diluted ............................ 86,050 75,604 72,516 71,409
Other Financial and Operating Data:
Comparable sales change (3) ............ 10% (4)% (3)% 12% 6% (1)%
Net sales per gross square foot (4) ........ $ 346 $ 321 $ 337 $ 213 $ 118 $ 282
Total gross square feet (in thousands)
(average) ......................... 5,029 5,033 5,060 5,348 5,604 6,195
Number of stores (at period end) ........ 591 573 581 587 622 658
Capital expenditures .................. $ 54,843 $ 26,853 $ 50,551 $ 15,258 $ 22,888 $ 53,867
Balance Sheet Data (at period end):
Cash and cash equivalents ............. $ 187,762 $ 234,404 $ 176,115 $ 320,029 $ 20,649
Working capital (excluding cash and cash
equivalents) (5) ..................... (56,054) (65,794) (28,317) (63,308) 60,455
Total assets ......................... 862,749 869,554 860,413 1,025,817 479,184
Total debt (including current portion) .... 367,407 416,763 498,478 124,375 —
Total stockholders’ equity ............. 130,162 141,453 97,099 615,290 265,849
(1) Prior to the Reorganization, we were treated as a partnership for federal income tax purposes, and therefore had
not been subject to federal and state income tax, with the exception of a limited number of state and local
jurisdictions. In connection with the Reorganization we became taxable as a corporation and recorded a
$31.8 million tax benefit related to this conversion.
(2) On May 12, 2010, in connection with the IPO, we converted from a Delaware limited liability company into a
Delaware corporation and changed our name to Express, Inc. See Note 1 to our Consolidated Financial
Statements. In connection with this conversion, all of our equity interests, which consisted of Class L, Class A,
and Class C units, were converted into shares of our common stock at a ratio of 0.702, 0.649, and 0.442,
respectively. All share and per share information in the accompanying Consolidated Financial Statements and the
related Notes has been retrospectively recast to reflect this conversion.
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